ProAmpac sees more investment from Pritzker, Singapore-based GIC
GIC Private Ltd., a state-owned Singapore investment firm, is investing in packaging giant ProAmpac, along with Pritzker Private Capital.
In a Jan. 19 news release, officials with Cincinnati-based ProAmpac said that Pritzker of Chicago — which has owned a stake in ProAmpac since 2016 — and GIC were investing "to support ProAmpac's next phase of growth." Terms were not disclosed. Existing and new co-investors, as well as ProAmpac management, also were involved in the investment.
GIC is Singapore's sovereign wealth fund and was established in 1981 to manage Singapore's foreign reserves. The fund has investments in private equity, real estate and infrastructure.
ProAmpac founder and CEO Greg Tucker said in the release that both ProAmpac and Pritzker "are employee-centric organizations and we remain aligned in our values-based culture and leadership strategy." He added that the investment "will help ProAmpac continue our growth, including future acquisitions and expansion into new geographies."
PPC Chairman and CEO Tony Pritzker said in the release that ProAmpac "continues to be a market leader in manufacturing high-quality sustainable, flexible packaging for its customers around the world."
Also in the release, GIC integrated strategies group head Arjun Khullar said that ProAmpac "is among the largest players in flexible packaging, a growth area within the broader packaging market."
"The company has a proven track record in meeting its diversified customers' needs for more tailored packaging, as well as a clear commitment to sustainability," he added.
ProAmpac ranked as North America's ninth-largest film and sheet maker, with plastics-related sales of just under $1 billion in 2019, according to Plastics News data. The firm makes flexible and sustainable packaging for a wide variety of applications.
ProAmpac employs 4,800 at 37 locations worldwide. Markets served by the firm's products include consumer, healthcare, e-commerce, retail and industrial goods.
Earlier this month, ProAmpac acquired Rapid Action Packaging Ltd., a Wimbledon, England-based maker of cellulose-based packaging for prepared foods. RAP had been owned by European financial firm Ludgate Investments.
In another deal earlier this month, PPC acquired a stake in materials firm Vertellus for an undisclosed price. Vertellus operates 10 global plants and generates about 20 percent of its sales from the plastics market, making products such as copolymer additives and bioplasticizers.
In addition to ProAmpac and Vertellus, PPC's other holdings include major plastics firms Plaskolite LLC of Columbus, Ohio; and Technimark LLC of Asheboro, N.C. Plaskolite is a leading sheet producer, while Technimark is a major player in injection molding.